Business and Economy

The Shell Petroleum Development Company of Nigeria Ltd (SPDC) has denied allegations of environmental mismanagement in the Niger Delta levelled against it at the weekend by Amnesty International, reiterating its commitment to swift response to oil spill incidents as much as access and security conditions permit teams to mobilise and …

By Donald Ugwu The African Development Bank (AfDB) on Friday said it would invest 711.5 million dollars in some projects in Nigeria including power supply. Mr Amadou Hott, the bank’s Vice President for Power, Energy, Climate Change and Green Growth Complex, made the pledge when he led a delegation of …

Oil prices jumped on Friday, with Brent crude futures hitting their highest in more than two weeks as U.S. stock prices rose. Investors covered short bets ahead of a weekend in which the U.S. news programme “60 Minutes” will air an interview with Saudi Arabia’s crown prince. Brent futures rose …

Days after he announced the intention of the Federal Government to establish a National Food Security Council, President Muhammadu Buhari has approved the constitution of the Council’s membership. The Council, to be chaired by the President, will, according to a statement by Garba Shehu, Senior Special Assistant to the President (Media …

Nigeria LNG (NLNG) Limited, sponsors of The Nigeria Prize for Literature and The Nigeria Prize for Science,has published the Call for Entries for the 2018 edition of the prizes. A statement by Tony Okonedo, Manager, Corporate Communications and Public Affairs, said that the focus for the literature prize in 2018 …

By Uchenna Eletuo The House Committee on Maritime has berated the Nigeria Maritime Administration and Safety Administration (NIMASA) for poor performance in the execution of capital projects. The Chairman of the Committee, Mohammed Umar-Bago, who led his committee members on an Oversight of NIMASA on Wednesday in Lagos, said that …

By Chiazo Ogbolu Google pulled out 3.2 billion bad ads from sites in 2017, an official, Ms Jessica Stansfield, said in Lagos on Wednesday. Stansfield, the Head of Global Product Policy, Monetised Products, Google Trust and Safety Europe, the Middle East and Africa, gave the figure during a video conference. …

Sokoto state government said it has devised strategies to tackle the current water scarcity bedeviling the state capital and parts of some major towns across the state. Governor Aminu Waziri Tambuwal stated this when he inspected water levels at Goronyo dam which experts say have depleted by as much as …

By Chinyere Joel-Nwokeoma FBN Holdings on Tuesday announced the appointment of Mr Olawale Ariyibi as Chairman of the Board, FBNQuest Capital Ltd; and Mr Tijanni Borodo as Chairman of the Board, FBNQuest Trustees Ltd. The company in a statement said that the appointment followed the recent renaming of all entities …

By Folasade Folarin The Federal Government has offered for subscription by auction N70 billion worth of bonds in its March 21 auction, says the Debt Management Office (DMO). The offer circular obtained from its website on Tuesday in Abuja, said that it would sell N10 billion of a five year …

By Adekunle Williams/Solomon Asowata The Federal Airports Authority of Nigeria (FAAN) says it has begun the process of certifying the Aminu Kano International Airport, Kaduna International Airport, Port-Harcourt International Airport and Akanu Ibiam International Airports, Enugu. This is coming on the heel of a similar exercise carried out in 2017 …

Successful execution of the Focus Labs launched Tuesday by President Muhammadu Buhari will further drive quick delivery of some of the outcomes in the Economic Recovery and Growth Plan (ERGP) and contribute to accelerating the growth momentum of the country. The labs which are scheduled to run for the next …

The Central Bank of Nigeria (CBN), in its quest to guarantee the availability of forex for customers’ needs in various segments of the market, has injected another sum of $210million into the inter-bank Foreign Exchange Market. Figures obtained from the Bank on Monday, March 12, 2018, indicate that the CBN …

The Commercial Vehicles department of Weststar Associates Limited – (Authorised General Distributor of Mercedes-Benz in the Federal Republic of Nigeria) on Friday 2nd of March 2018 debuted its first unit of the new Atego 1725 firefighting truck for the year 2018 to support firefighting operations in Nigeria. This is …

Heritage Bank Plc, Nigeria’s most innovative banking service provider has taken a bold step to revolutionalise the banking sector with the introduction of an advanced intelligent digital experience known as Octopus. The solution which is full-fledged digital bank, has been described by financial technology experts as a game-changing innovation that …

Nigeria’s External Reserves are steadily heading towards the $50 billion mark, berthing at $46 billion as at the close of business on Friday, March 9, 2018. Figures obtained from the Central Bank of Nigeria (CBN) at the weekend indicate that the reserves grew by about $3.2 billion between February and …

By Felix Nwadioha Abia Government says it is building a multi-million naira Enyimba Economic City that will industrialise and boost the economy of the state. Gov. Okezie Ikpeazu made this known when he briefed heads of media houses in the state at the Abia Government Lodge, Aba, on Sunday as …

The Managing Director (MD)/Chief Executive Officer of Access Bank Nigeria PLC, Mr Herbert Wigwe says the bank is willing to employ all 51 first class graduands of the Gombe State University if they will accept the offer. Mr. Wigwe announced the offer while responding on behalf of three other eminent …

By-Oluwafunke Ishola Nigeria’s Organised Private Sector (OPS) on Friday said the controversial Land Use Charge Law failed to meet basic legislative procedure before it was ratified by the Lagos House of Assembly. In its submission at a stakeholders forum on the new law organised by Lagos Chamber of Commerce and …

Families are counting the cost of the floods, snow and power outage that have overwhelmed parts of the United States of America in the past few days. In New Jersey, for instance, many homes and offices are still without electricity supply following the disruption of electric power supply as …

The Central Bank of Nigeria (CBN), in its resolve to guarantee liquidity in the market, injected the sum of $355.43m into the Retail Secondary Market Intervention Sales (SMIS) on Friday, March 9, 2018. Figures obtained from the CBN on Friday revealed that the figure was to meet requests in the …

By Naomi Sharang The Senate Committee on Customs, Excise and Tariff, Sen. Hope Uzodinma has called on relevant agencies of the government to check rice smuggling to enhance Nigerian economic development. Uzodinma made the call during the committee’s meeting with the Minister of State for Agriculture, Heineken Lokpobiri and beneficiaries …

The Minister on Mines and Steel Development, Dr Kayode Fayemi, on Thursday revealed that the House of Representatives duly appropriated the sum of N2,096,500.00 (Two billion, ninety six million, five hundred thousand naira ) for the concessioning of the Ajaokuta Steel Complex in the 2017 budget, wondering why the same …

By Bolaji Buhari The Lagos state chapter of the Peoples Democratic Party (PDP) has described the state new land use charge as exploitative, saying it has no human face. The state chairman of the party, Mr Moshood Salvador gave the description while speaking at the party ‘s “General Assembly “in …